26 Jun, 2023

Renew Europe: EU must be responsible trade and investment power

While the EU’s trade and investment agreements are key for supply diversification, Renew Europe believes it is high time to ensure that the EU simultaneously is a competitive, responsible and leading global player for trade and investment. The Group will therefore look carefully at the new proposals put forward by the European Commission in its Economic Security Strategy.

The Renew Europe Group has been at the forefront of the creation of an assertive trade toolbox to ensure fair competition for European companies by addressing unfair distortive behaviour, while safeguarding an open and investment-friendly Single Market. Renew Europe believes in rules based, transparent and sustainable open economic and trade relations.

The COVID-19 pandemic and Russia's war of aggression in Ukraine have shed light on EU supply chains, exposing the effects of supply chain disruptions and single source dependencies.

Samira Rafaela MEP (D66, NL), Renew Europe coordinator on the European Parliament Committee on International Trade, declared:

"The European Economic Security Strategy is a welcome tool to ensure open strategic autonomy. Let us remember that our strength lies in continuously enhancing our trade toolbox, forging stronger partnerships with democratic nations that share our values and standards, and actively diversifying our supply chains”.

Marie-Pierre Vedrenne MEP (MoDem, FR), Renew Europe Shadow Rapporteur on the Anti-Coercion Instrument, added:

"In a world of confrontation, the European Union has a duty to protect its economy, its industries and their know-how, and to build its "strategic autonomy" more vigorously. That is why our group is actively campaigning for the adoption of a genuine economic security strategy that assures a level-playing field for our infrastructures, our businesses and Europeans, and does not amplify critical dependencies. We therefore welcome the publication of this text, which finally addresses issues such as outbound investment and the protection of our exports. But it must now be the subject of a real debate."

Photo credit: © European Union 2023 – Source: EP

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